Nashville Business Journal: Greater Nashville unemployment hits 9.8%

According to this Nashville Business Journal article, Greater Nashville unemployment hits 9.8%, the Nashville Tennessee Metropolitan Unemployment Rate reached 9.8% in August 2009, which is up from 9.6% in July 2009. The article noted the following unemployment statistics for the following counties in the greater Nashville TN area:

• Davidson County TN Unemployment - The unemployment rate increased to 9.6% in August 2009, which is up from 9.2% in July 2009.
• Williamson County TN Unemployment - The unemployment rate decreased to 7.7% in August 2009, which is down from 8.3% in July 2009.
• Rutherford County TN Unemployment - The unemployment rate decreased to 10.1% in August 2009, which is down from 10.2% in July 2009.
• Wilson County TN Unemployment - The unemployment rate increased to 9.5% in August 2009, which is up from 9.1% in July 2009.
• Sumner County TN Unemployment - The unemployment rate increased to 10.3% in August 2009, which is up from 9.9% in July 2009.

The article goes on to state that according to the Tennessee Department of Labor and Workforce Development, across Tennessee unemployment increased in 47 counties, decreased in 42 counties and stayed the same in 6 counties.  Overall, the August 2009 unemployment rate in Tennessee was 10.8%, which is over a full percentage point higher than the US national unemployment rate at 9.7%.

Given that most of the counties in the greater Nashville Tennessee metropolitan area have unemployment rates of over 9%, with Rutherford County TN and Sumner County TN posting unemployment rates over 10%, there is no way that housing prices will increase.  Also, there will continue to be high rates of foreclosures and short sales in Middle Tennessee.